The Eastern Suburbs’ Best Value Suburbs

Think you can’t find value in Eastern Suburbs?

Think again…

Sydney’s eastern suburbs may be one of Australia’s most expensive property markets, but that doesn’t mean you won’t find value here. We reveal some of the hidden value in our part of the world, to help you make the best decision when it comes to buying a property.

1. The best value parkside suburb: Centennial Park

When most people think of Centennial Park property, they tend to think of the grand homes of Lang Road and the other streets surrounding the park itself. But the reality is that these amazing luxury homes make up just a small fraction of the housing stock in this leafy but ultra-convenient suburb.

Instead, the vast majority of people lucky enough to call this part of the world home live in apartments. In fact, according to the latest data, almost 80% of the population lives in housing classified as ‘high density’.

Best of all, according to PropTrack (realestate.com.au), the median apartment value in Centennial Park is $855,000. That’s not bad when you consider the median apartment value in nearby Queens Park is $1,245,000 (45.6% higher), while in Woollahra, it’s $1,350,000 (57.9%) higher. And Centennial Park residents get the same walking access to the shops, cafes, bars and restaurants of Paddington and Woollahra, as well as some of Sydney’s most famous public spaces and sporting facilities on their doorsteps.

2. The best value harbourside suburb: Bellevue Hill

As with Centennial Park, many of us probably have the wrong impression of Bellevue Hill, associating it only with hilltop and harbourview trophy homes. But the multitude of property records out of Bellevue Hill mask the fact that this suburb actually has some great value homes, especially if you’re looking for an apartment.

Bellevue Hill apartments often come for a fraction of the price of the suburb’s houses. The $8.21 million gap between apartment value and house value here ($1.34 million vs $9.55 million, according to realestate.com.au) is close to the highest in the country.

Then again, even if you are in the market for a large property, the good news about Bellevue Hill is that you’ll usually find one. Thirty percent of homes in Bellevue Hill have more than four bedrooms, compared with less than 18% in Rose Bay, 15% in Paddington and 12% in Double Bay, according to Census data. And with the average block size sitting at a generous 644 square metres in Bellevue Hill, while it may have some of the highest house prices it actually has one of the more reasonable per square metre rates for land values in the Eastern Suburbs ($13,619).

3. Best value inner city living: Darlinghurst

One suburb that offers value in Sydney’s inner Sydney’s inner city is Darlinghurst. And, while the median apartment price may be a tad under $1 million at $968,000, it’s actually in houses that we see the best deal.

After all, the median house price here is almost exactly $2 million – and you can buy a two-bedroom house for a median of $1.675 million. That makes it one of the east’s most affordable suburbs in which to buy a home. And that’s despite the fact that it’s also one of the most centrally located.

Leave the car behind (or sell it) and walk everywhere. You’ll have your own piece of Sydney, just 1.5km of the CBD and within striking distance of anything and everything you’d ever want or need.

4. Best value beachside living: Waverley

As we’ve previously written, no part of Sydney has become more fashionable in recent times than the eastern beaches. The emphasis on lifestyle and our love of life by the sea have caused prices in some beachside suburbs to rise to astronomical levels.

The median house price in Bondi is now $3.715 million, in Bronte, it’s $5.5 million, while in Tamarama, the median house value now sits at an incredible $8.0125 million, making it our city’s most expensive beachside suburb in which to live.

But if you want proximity to the beaches at a more affordable price point, Waverley could be the answer. Here, the median house price is $3,392,500. And while not right on the beach, it’s within walking distance of several. It also has its own growing cafe, drinking and dining scene, and it’s close to the shopping at Bondi Junction, as well as its great transport connections.

Want more?

If you’re interested in buying or selling in Sydney’s Eastern suburbs, get in touch.